Cango Inc. (NYSE: CANG) (“Cango” or the “Company”) today announced that all resolutions presented to shareholders at its extraordinary general meeting held on July 17, 2025 (the “Second Extraordinary General Meeting”) were duly passed. Each was approved by no less than 99.3% of the total votes cast, and no less than 81% of the votes cast by non-affiliate shareholders of the Company were in favor of each of the resolutions.
The approved resolutions authorize significant actions, including the execution and performance of a Securities Purchase Agreement (SPA) dated June 2, 2025, for the secondary sale of 10 million Class B ordinary shares by co-founders Mr. Xiaojun Zhang and Mr. Jiayuan Lin to Enduring Wealth Capital Limited for US$70 million. This includes the repurchase of automatically converted Class A ordinary shares and the issuance of an equivalent number of Class B ordinary shares. Additionally, shareholders approved an increase in the Company’s authorized share capital to support future financing and corporate needs, as well as the adoption of the Fourth Amended and Restated Memorandum and Articles of Association to reflect the updated share capital structure.
The Company expects to file the Fourth Amended and Restated Memorandum and Articles of Association with the Cayman Islands Registrar promptly following the Second Extraordinary General Meeting. Closing of the Secondary Sale is expected on or around July 22, 2025, subject to customary closing conditions. While all relevant parties are actively coordinating on the closing of the Secondary Sale, there can be no assurance that these conditions will be satisfied or that the Secondary Sale will be completed on or before the expected closing date—or at all.
The full text of each resolution was included in the notice of the Second Extraordinary General Meeting, which was furnished to the Securities and Exchange Commission (the “SEC”) on Form 6-K on June 16, 2025. The full text of each resolution is also available on the Company’s.
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